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Chinese internet-data-center operator that builds and runs data centers mainly leased to cloud providers.
Chinese internet-data-center operator that builds and runs data centers mainly leased to cloud providers.
Leases racks and data-center space in large blocks to cloud providers on multi-year contracts, so revenue grows as new capacity comes online and tenants take it. Alibaba Cloud is its anchor tenant, which makes the business depend heavily on one customer.
In one line: A China-focused Digital Realty/Equinix, wholesale model.
Moat: narrow (switching costs, scale). Large anchor cloud tenant and power/location permits make data centers costly to replicate.
Headquarters: Shanghai, China · Employees: 654
Size Shanghai AtHub (603881.SS) is a China Information Technology company (Information Technology Services) with a market value of $2.66B, the 969th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥20.61 on 6 Nov 2026.
Performance Over six months the shares fell 33.0%, against -10.5% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue fell 4.8% over the last twelve months (peer median +9.8%); the operating margin is 15.8% (peer median 6.1%).
Valuation It trades at 101.4× forward earnings against a peer median of 31.8× (2nd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.7 points above its cost of capital (9.6% WACC).
Next results Next results expected around 15 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.69B | CN¥1.72B | CN¥1.72B | CN¥1.54B | CN¥1.45B |
| Revenue growth | — | 0% | +12% | +6% | — |
| Gross profit | CN¥1.15B | CN¥599M | CN¥470M | CN¥411M | CN¥390M |
| EBITDA | n/a | CN¥1.19B | CN¥1.13B | CN¥1.07B | CN¥1.02B |
| Net income | CN¥140M | CN¥139M | CN¥132M | CN¥123M | CN¥118M |
| Free cash flow | CN¥653M | CN¥490M | CN¥949M | CN¥695M | CN¥147M |
| Capital expenditure | CN¥498M | CN¥777M | CN¥256M | CN¥385M | CN¥1.04B |
| Total debt | CN¥2.79B | CN¥3.78B | CN¥3.49B | CN¥3.43B | CN¥3.79B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Shanghai AtHub 603881.SS | $2.66B | -33% | -5% | 16% | 101.4× | 16.9% |
| GDS Holdings Ltd. Sponsored ADR GDS | $4.46B | -49% | +12% | 17% | n/a | n/a |
| VNET Group, Inc. Sponsored ADR VNET | $1.00B | -64% | +23% | 7% | 89.6× | n/a |
| Beijing Sinnet Technology 300383.SZ | $2.70B | -37% | -2% | -11% | 149.7× | 46.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 603881.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.8% | -0.8% | 8th lowest of 21 |
| 6-month return | -33.0% | -10.5% | 4th lowest of 21 |
| Distance from 52-week high | -45.2% | -36.1% | 8th lowest of 21 |
| Revenue growth (TTM) | -4.8% | +9.8% | 4th lowest of 21 |
| Operating margin | 15.8% | 6.1% | 6th highest of 21 |
| Forward P/E | 101.4× | 31.8× | 2nd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 16.9% | 14.3% | 7th most demanding of 14 |
| Growth delivered (Del g) | +13.6% | +8.8% | 5th highest of 14 |
| Hurdle (Req g minus delivered) | +3.3 pp | +1.5 pp | 7th most demanding of 14 |
| ROIC minus cost of capital | +6.7 pp | +3.3 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai AtHub 603881.SS | China | $2.66B | -33% | -5% | 16% | 101.4× | 16.9% | +13.6% |
| Shanghai Sunmi Technology 6810.HK | Hong Kong | $2.70B | -10% | +10% | 7% | n/a | n/a | n/a |
| Runjian 002929.SZ | China | $2.71B | +6% | -11% | 0% | 49.7× | n/a | n/a |
| Hangzhou Turbine Power 300277.SZ | China | $2.57B | -37% | +1,784% | 3% | 33.2× | 36.4% | -10.7% |
| Fastly FSLY | United States | $2.52B | -23% | +20% | -12% | 24.4× | 37.8% | +16.5% |
| Tata Elxsi TATAELXSI.NS | India | $2.52B | -10% | +10% | 20% | 32.7× | 25.3% | +15.5% |
| Netcompany Group A/S NETC.CO | Denmark | $2.44B | +1% | +30% | 11% | 20.4× | n/a | n/a |
| Beijing Ultrapower Software 300002.SZ | China | $2.43B | -14% | +9% | 15% | 20.4× | 4.2% | +10.2% |
| OVH Groupe OVH.PA | France | $2.41B | +17% | +6% | 38% | 46.6× | n/a | n/a |
| HMS Networks HMS.ST | Sweden | $2.41B | -17% | +15% | 27% | 31.9× | 14.3% | +19.5% |
| Tieto TIETO.HE | Finland | $2.26B | -5% | -17% | 20% | 10.4× | -6.4% | -7.8% |
| Hand Enterprise Solutions 300170.SZ | China | $2.24B | -26% | +7% | 6% | 48.8× | 27.4% | +6.5% |
| Posco Dx 022100.KS | South Korea | $2.24B | -43% | -15% | 3% | 69.6× | 34.8% | +2.2% |
| Xi'an Bright Laser Technologies 688333.SS | China | $3.22B | -11% | +12% | 6% | 69.2× | n/a | n/a |
| Glodon 002410.SZ | China | $2.15B | -21% | -4% | 8% | 31.6× | 5.4% | +8.8% |
| Beijing Teamsun Technology 600410.SS | China | $2.09B | -42% | +19% | -9% | n/a | 26.0% | +3.6% |
| Globant GLOB | United States | $2.05B | +21% | -1% | 10% | 8.0× | -1.2% | +24.7% |
| PC Connection CNXN | United States | $2.00B | +19% | +10% | 4% | 16.6× | n/a | n/a |
| Atea ATEA.OL | Norway | $1.99B | +6% | +12% | 4% | 16.4× | -5.0% | -1.1% |
| TravelSky Technology 0696.HK | Hong Kong | $3.59B | -5% | +7% | 28% | 9.8× | -16.5% | +9.0% |
| Jiangsu Hoperun Software 300339.SZ | China | $3.65B | -31% | +11% | 3% | 141.9× | n/a | n/a |